The aftermath of the Covid-19 pandemic has brought an underwhelming economic recovery to Hong Kong, and the city’s property sector has not been exempt from this trend. The once thriving residential market has experienced a significant slowdown in transactional volumes. Buyers and investors have become hesitant due to the uncertain economic climate and the cautious approach towards large financial commitments.
The sluggishness in the property sector can be attributed to various factors. The pandemic-induced economic downturn has led to job losses and reduced purchasing power, making people more reluctant to invest in real estate. Additionally, the measures introduced to curb the spread of the virus, such as social distancing regulations and travel restrictions, have made it challenging for property developers and agents to conduct business as usual. These obstacles have dampened demand and resulted in a decline in residential property transactions.
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